HB 400 Summary

• Tax credits allowed against the financial institution excise tax under Chapter 16 of Title 40 shall apply only to the state portion of tax liability, excluding credits under Section 40-16-8.

• Tax credits may not offset or reduce the financial institution excise tax distributions made to municipalities and counties under Section 40-16-6.

• The distributable portion of a financial institution's tax liability to municipalities or counties may not be reduced by any credit other than those allowed by Section 40-16-8.

• The provision applies retroactively to all financial institution excise tax credits enacted prior to, on, and after the effective date of this act.

• The act becomes effective immediately upon passage and approval by the Governor.